NCLT has Supervisory Role when Statutory Requirements of Amalgamation Scheme satisfied: NCLAT [Read Order]
The scheme of arrangement if the Court comes to a conclusion that the provisions of statute have been complied with; and that there is no violation of any provision of law, or the proposed scheme of compromise or arrangement is not unquestionable, then the NCLT has no further jurisdiction to sit in appeal over the commercial wisdom of the class of person
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) held that the National Company Law Tribunal (NCLT) has supervisory role when statutory requirements of amalgamation scheme satisfied. The appellant is aggrieved of the fact that the NCLT while admitting the scheme of arrangement between the parties has unilaterally changed the appointed date from…
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